MIRA
INFORM REPORT
|
Report Date : |
17.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
HETERO DRUGS
LIMITED |
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|
|
|
Registered Office : |
Hetero House, 2nd
Floor, Deccan Chambers, 8-3-166/7/1/B Erragada, Hyderabad 500018, Andhra
Pradesh |
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|
Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.04.1993 |
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Com. Reg. No.: |
01-15582 |
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CIN No.: [Company
Identification No.] |
U24230AP1993PTC015582 |
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|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MYDH00393B |
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PAN No.: [Permanent
Account No.] |
AAACH5071K |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturer, Exporter
and Trader of Pharma Bulk Drugs, Formulations and Drug Intermediates such as
Lomef Loxacin Hydrochloride, Centriline Di Hydrochloride, Lanmsoprazole, etc.
|
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
managed company having satisfactory track.
Directors are reported as experienced, respectable and resourceful
businessmen. Their trade relations are
reported as fair. Financial position
is good. Payments are usually correct
and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
Hetero House, 2nd
Floor, Deccan Chambers, 8-3-166/7/1/B Erragada, Hyderabad 500018, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-2370 4922 /
23 / 24 / 25 / 23707612 |
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Fax No.: |
91-40-2370 4926 /
2371 4250 |
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E-Mail : |
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Website : |
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Area : |
3000 Sq.ft
[Owned] |
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Factory 1: |
Unit I - Bonthapally Village, Jinnaram Mandal, Medak District, Andhra
Pradesh, India |
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Tel No.: |
91-912-275271 |
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Factory 2: |
Unit II – Plot no. 16, CIE, Gandhinagar, Jeedimetla, Hyderabad, Andhra
Pradesh, India |
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Factory 3: |
Unit III – 22-110, IDA, Jeedimetla, Hyderabad, Andhra Pradesh, India |
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Factory 4: |
S. No.10, IDA, Gaddapotharam, Khajapally Village, Jinnaram Mandal,
Medak Andhra Pradesh, India |
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Tel No.: |
91-8459-277100 |
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Research And
Development Centre: |
Plot No. B 80 and
81, APIE Balanagar, Hyderabad, Andhra Pradesh, India |
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Regional
Office: |
607/ 608, 6th
Floor, Matharu Arcade, Subash Road, Vile Parle (East), Mumbai – 400 057, Maharashtra,
India |
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Tel No.: |
91-22-66910809 |
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Fax No.: |
91-22-26845709 |
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Area : |
1500 sq. ft. |
|
Location: |
Owned |
DIRECTORS
|
Name : |
Dr. B.
Parthasaradhi Reddy |
|
Designation : |
Chairman &
Managing Director |
|
Address : |
Plot 389, Road
No. 22/ B, Jubilee Hills Check Post, Madhapur Road, Hyderabad, Andhra
Pradesh, India |
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Date of
Birth/Age : |
06.03.1954 |
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Date of
Appointment : |
07.04.1993 |
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|
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Name : |
Mr. B. Nagi Reddy |
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Designation : |
Executive Director |
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Address : |
G 1, Sairanga
Apartments, Madhura Nagar, Yousufguda, Hyderabad – 500 038, Andhra Pradesh,
India |
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Date of
Birth/Age : |
10.06.1962 |
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Date of
Appointment : |
23.04.1993 |
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Name : |
Mr. M. Pera Reddy |
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Designation : |
Director
(Finance) |
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Address : |
Flat 310, Park
View Apartments, Pragathi Nagar, Yousufguda, Hyderabad – 500 038, Andhra
Pradesh, India |
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Date of
Birth/Age : |
15.07.1962 |
|
Date of
Appointment : |
10.08.1994 |
|
|
|
|
Name : |
Mr. Dharmesh M.
Shah |
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Designation : |
Director Business
Development |
|
Address : |
Flat No. 201,
Jamuha Niketan, Nanalimandir Road, Waalkeswar, Mumbai – 400006 |
|
Date of
Appointment : |
29.09.2005 |
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|
|
Name : |
Mr. A. V. Narasa
Reddy |
|
Designation : |
Director Corp. Tech. |
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Address : |
Flat 201, Nandi
Enclave, Plot 149, Sidhartha Nagar, Hyderabad – 500 038, Andhra Pradesh,
India |
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Date of
Birth/Age : |
21.12.1963 |
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Date of
Appointment : |
28.01.1999 |
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|
Name : |
Mr. J. Sambi
Reddy |
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Designation : |
Director
Production |
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Address : |
Plot No. 102,
Flat No. 205, Saispurthi Apartments, Motinagar, Borabanda, Hyderabad – 500
033, Andhra Pradesh, India |
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Date of
Birth/Age : |
01.01.1969 |
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Date of
Appointment : |
18.11.1999 |
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Name : |
Mr. C. Bhaskar Reddy |
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Designation : |
Director Quality
Control |
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Address : |
Plot No. 102,
Flat No. 205, Saispurthi Apartments, Motinagar, Borabanda, Hyderabad – 500
033, Andhra Pradesh, India |
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Date of
Birth/Age : |
04.11.1957 |
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Date of
Appointment : |
18.11.1999 |
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Name : |
Mr. M. Srinivasa
Reddy |
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Designation : |
Director |
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Address : |
Plot No. 933,
Vivekananda Nagar, Kukatpally, Hyderabad – 500 038, Andhra Pradesh, India |
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Date of
Birth/Age : |
02.02.1973 |
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Date of
Appointment : |
01.04.2001 |
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|
Name : |
Mr. B. Narsa
Reddy |
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Designation : |
Director |
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|
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Name : |
Mr. C. Mohan
Reddy |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S Vasu Reddy |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Pera Reddy |
|
28500 |
|
Pera Reddy (HUF) |
|
12500 |
|
Mr. B.
Parthasaradhi Reddy |
|
500000 |
|
B. Parthasaradhi
Reddy (HUF) |
|
175000 |
|
Mr. A V Narasa
Reddy |
|
67000 |
|
A V Narasa Reddy
(HUF) |
|
25000 |
|
Mr. B Nagi Reddy |
|
90000 |
|
B Nagi Reddy
(HUF) |
|
95000 |
|
Mr. J Sambi
Reddy |
|
9000 |
|
Mr. B. Kalavathi |
|
514000 |
|
Mr. B Narasa
Reddy |
|
67500 |
|
B Narasa Reddy
(HUF) |
|
25000 |
|
Bandi Investments
Private Limited |
|
848500 |
|
Mr. C Mohan Reddy
|
|
9000 |
|
Ms. M Madhavi |
|
17000 |
|
Ms. Tanmayee |
|
25000 |
|
Ms. B Padmavathi |
|
86000 |
|
Ms. B Baby |
|
25000 |
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Mr. B Krishna
Sindhuri |
|
426000 |
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Mr. B Vamsi
Krishna |
|
150000 |
|
Ms. A Pushpalatha
|
|
25000 |
|
Mr. C Baskara
Reddy |
|
9000 |
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Ms. M Namrata |
|
25000 |
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Ms. B Divya |
|
25000 |
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Mr. A Dinesh
Reddy |
|
25000 |
|
Mr. A S Sudhana |
|
12500 |
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Mr. A Venkata Reddy
|
|
29500 |
|
Mr. Dharmesh M
Shah |
|
25000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Trader of Pharma Bulk Drugs, Formulations and Drug Intermediates
such as Lomef Loxacin Hydrochloride, Centriline Di Hydrochloride,
Lanmsoprazole, etc. |
|
|
|
|
Products : |
·
Bulk Drugs ·
Losartan
Potassium ·
Omeprazole ·
Formulations ·
Bicalutomide ·
Simvastatin ·
Tegaderoid
Maleate ·
Quetiapine
Fumerate |
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Exports : |
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Products : |
Europe |
PRODUCTION STATUS
|
Particulars |
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|
Installed Capacity |
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|
Bulk Drugs |
|
|
|
42000 |
GENERAL
INFORMATION
|
No. of Employees : |
25 |
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|
|
|
Bankers : |
Hyderabad –
500018, Andhra Pradesh
Hyderabad – 500039, Andhra Pradesh
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
M.V. Narayana
Reddy and Company Chartered
Accountants |
|
Address : |
504, Vijaysree Apartments,
Ameerpet, Hyderabad - 500 073, Andhra Pradesh, India |
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|
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Associates/Subsidiaries : |
Tel. No. 91-22-2206 5498 /2206 5507 / 2206
6075
·
Hetero
Biotech Limited
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity shares |
Rs. 10/- each |
Rs. 100.000
Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3450000 |
Equity shares |
Rs. 10/- Each |
Rs. 34.500 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
34.500 |
34.500 |
34.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2616.081 |
1865.589 |
1400.730 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2650.581 |
1900.089 |
1435.230 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2252.242 |
1853.237 |
1280.091 |
|
|
2] Unsecured Loans |
198.109 |
241.327 |
48.119 |
|
|
TOTAL BORROWING |
2450.351 |
2094.564 |
1328.210 |
|
|
DEFERRED TAX LIABILITIES |
313.678 |
262.406 |
172.716 |
|
|
|
|
|
|
|
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TOTAL |
5414.610 |
4257.059 |
2936.156 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2378.060 |
1826.134 |
1056.517 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
198.275 |
75.986 |
171.567 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1428.210
|
1267.103 |
944.109 |
|
|
Sundry Debtors |
2277.021
|
2229.507 |
1074.535 |
|
|
Cash & Bank Balances |
95.468
|
82.742 |
97.153 |
|
|
Loans & Advances |
702.810
|
462.257 |
350.191 |
|
Total
Current Assets |
4503.509
|
4041.609 |
2465.988 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1488.793
|
1566.629 |
648.091 |
|
|
Provisions |
195.409
|
133.970 |
110.081 |
|
Total
Current Liabilities |
1684.202
|
1700.599 |
758.172 |
|
|
Net Current Assets |
2819.307
|
2341.010 |
1707.816 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
18.968 |
13.929 |
0.256 |
|
|
|
|
|
|
|
|
TOTAL |
5414.610 |
4257.059 |
2936.156 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
|
Sales Turnover |
7918.454 |
7442.740 |
4045.267 |
|
|
Other Income |
37.770 |
191.598 |
0.000 |
|
|
Total Income |
7956.224 |
7634.338 |
4045.267 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
976.556 |
774.921 |
500.557 |
|
|
Provision for Taxation |
218.982 |
164.507 |
145.218 |
|
|
Profit/(Loss) After Tax |
757.574 |
610.414 |
355.339 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
172.581 |
137.094 |
0.000 |
|
|
Depreciation & Amortization |
111.578 |
81.385 |
3544.710 |
|
|
Other Expenditure |
6695.509 |
6640.938 |
0.000 |
|
Total Expenditure |
6979.668 |
6859.417 |
3544.710 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.52
|
8.00 |
8.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.33
|
10.41 |
12.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.19
|
13.21 |
13.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.41 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.56
|
2.00 |
2.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.67
|
2.38 |
3.25 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or foreign company registrations number of
the company |
U24230AP1993PTC015582 |
|
Name of the company |
HETERO DRUGS
PRIVATE LIMITED |
|
Address |
8-3-166/7/1/B, 2nd
Floor, Deccan Chambers, Erragada, Hyderabad-500018, Andhra Pradesh, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder
|
State Bank of Hyderabad Sanath Nagar Branch, Industrial Area Hyderabad – 500018, Andhra Pradesh |
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Amount Secure by the charge |
Rs. 2559.800 Millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : Ratemitually agreed between the bank and company |
|
Description of the property charge whether it is a charge on |
Stock in trade |
|
Modification charge Charge identification number of the charge to be modified |
90123976 |
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Date of instrument modifying the charge |
07.07.2006 |
|
Particulars of the Property charged
|
All goods, Book epts.., movables and other assets situated at various
Units of the company |
|
Particular of the present modification |
Extension of limits S B H from Rs. 810 millions, B O I From Rs. 576
Millions to 806.4 Millions, S B I from Rs. 216.000 Millions to 302.4 Millions
and S B M from Rs. 198.000 millions to 317 millions |
|
|
|
|
Corporation identity number or foreign company registrations number of
the company |
U24230AP1993PTC015582 |
|
Name of the company |
HETERO DRUGS
PRIVATE LIMITED |
|
Address |
8-3-166/7/1/B, 2nd
Floor, Deccan Chambers, Erragada, Hyderabad-500018, Andhra Pradesh, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder
|
State Bank of Hyderabad Sanath Nagar Branch, Industrial Area Hyderabad – 500018, Andhra Pradesh |
|
Amount Secure by the charge |
Rs. 1134.000 Millions |
|
Description of the property charge whether it is a charge on |
Stock in trade and Book debts |
|
Modification charge Charge identification number of the charge to be modified |
90123976 |
|
Brief Description of the instrument modifying the charge under section
135 |
Deed of Hypothecation |
|
Date of instrument modifying the charge |
19.05.2006 |
|
Particular of the present modification |
CCL enhanced from Rs. 10.000 to Rs. 1134.000 millions |
|
|
|
|
Corporation identity number or foreign company registrations number of
the company |
U24230AP1993PTC015582 |
|
Name of the company |
HETERO DRUGS
PRIVATE LIMITED |
|
Address |
8-3-166/7/1/B, 2nd
Floor, Deccan Chambers, Erragada, Hyderabad-500018, Andhra Pradesh, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder
|
Industrial Development Bank of India Mahavir House Basheerbagh Hyderabad – 500039 Andhra Pradesh |
|
Nature or description of the instrument creating charge |
|
|
Amount Secure by the charge |
Rs. 810.000 Millions |
|
Modification charge Charge identification number of the charge to be modified |
90124520 |
|
Date of instrument modifying the charge |
14.09.2006 |
|
Brief particulars of the principal terms and conditions and extent and
operation of the charge |
As perthe terms and conditions agreed upon between the Bankers and
company rate of interest is 8.50 % p.a. Terms of repayment : Repayable in Quarterly installments Margin : 25 % |
|
Short particulars of the property charged |
Land and building situated at Unit – 1, Bonthapally, Jinnaram Mandal,
Medak |
|
Name of the
company |
HETERO
DRUGS PRIVATE LIMITED |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Presented By |
Mr. M. Pera Reddy, Director- Finance |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1) Date and
description of instrument creating the change |
14.03.1998 Joint deed of
hypothecation Working capital
consortium agreement Inter se agreement
between State Bank of Hyderabad, Bank of India and State Bank of India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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2) Amount secured
by the charge/amount owing on the securities of charge |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Hypothecation of Stock,
Raw Materials, Semi finished Goods, Finished Goods, Stores and Receivables,
Book debts and other movable assets |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest including all taxes @ 16.75 % All working capital limits shall be repayable on demand. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of Hyderabad Sanathnagar Branch Hyderabad Bank of India Khairatabad Branch Hyderabad State Bank of India Balanagar Branch Hyderabad |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
Date 29.01.20014
Joint Documentation Instruments Letter of
Authority to Lead Bank Modified Letter
of Authority to lead Bank Joint deed of
Hypothecation Inter se
agreement among
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Particular
of Interest and commission
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Website details are
attached herewith:
Established in the
year 1993, with the motto to be the best in the API Manufacture, Hetero today
embodies the vision of a top notch player in developing and commercialising
products catering to a variety of therapeutic categories, integrating into a
leading finished dosage manufacturer.
True to the
Statement, "Where the Future Started Yesterday", with a foresight on
the current trends in the Pharmaceutical Market, Hetero has grown from strength
to strength, combining its Research Strengths, Manufacturing Capabilities
,Human Resources and well established quality management system.
With full-fledged
marketing capabilities, the company has been able to market its products in over
80 countries in Asia, Middle-east, Eastern Europe and Latin America.With it's
compliance to the most stringent regulatory requirements, Hetero has today
gained foothold to market several of its APIs in the United States, Canada and
Europe.
With all six
manufacturing facilities being supported by excellent infrastructure and
compliance to the GMP requirements , Subject has crossed numerous milestones in
a comparatively small period since its inception.
The spirit and
brain behind the success story of Hetero is its founder Dr.BPS Reddy, a
Scientist who started the company drawing immense strength from the vast and
rich experience he gained during his earlier stint at the Laboratory where he
was instrumental in developing and commercilising processes for several APIs .
The company was
started by him with a vision to be recognised as an aggressive company that
combines its strength of R and D and manufacturing with definite advantages in
terms of cost and chemistry with a strong emphasis on Quality of the products.
The untiring
efforts of the chairman saw Hetero develop processes for several products at
relatively low cost, thus making it possible for several life saving drugs to
be available at affordable prices, meeting all the Regulatory and Quality norms.
With the
organisation having reached a point where it is identified among the widely
recognised companies, the chairman is now focussing on giving new dimensions to
the company in terms of exploring possibilities of further growth, exploring
new horizons in the field of
pharmaceutical development and evolving strategies to take the company
to greater heights. All the members of Hetero Family draw inspiration and
motivation from the chairman in working towards achieving the organisational
Goals.
The company has
been scaling New Heights on a continual basis. These achievements have been the
result of concerted efforts on the part of different functions within the
organisation to achieve the organisational goal of being a leader.
In its path to
sucess Hetero has seen many a milestone being crossed and many awards on
various fronts, to name a few, its efforts in R and D and in marketing.
A track of few
events that saw Hetero reaching its Zenith of glory are :
National Award for “Best
Efforts in Research and Development” from the department of
scientific and Industrial Research, Ministry of Science and Technology,
Government of India, in the year 1996.
Highest Exporter award(for the year 1999) against stiff competition from
internationally recognized domestic competetors.
Approval of the API facilities by USFDA for compliance to CGMP norms.
Approval of the
finished dosage facilities by WHO for the supply of anti-retroviral drugs.
Subject visualizes
itself as an aggressive player in the global pharmaceutical scenario, supplying
generics developed, combining intellectual property, research strengths and
strong human resource inputs.
The company values
the concepts of having social responsibilities in the course of its assent to
greater heights. It strongly believes in focusing on customer requirements and
delivering the products at the right pace.
Subject considers
its human resources as the core of all its capabilities and believes in tapping
and honing the talents of its members to reach the zenith of success.
It believes in
continuous evaluation and improvement in all the factors that contribute in
transforming the organization into a global force to reckon with.
Subject takes due
cognizance to the fact that the processes that it develops should be all
eco-friendly and should not result in any consequence that harms the ecological
harmony.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.35 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.57.62 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|